Oak Mortgages and BB Mortgages have bought out Clever Mortgages from Totemic Group, with plans to continue serving borrowers with credit difficulties under the brand.
In a joint venture, Michelle Neville (pictured), founder and director of Oak Mortgages, and James Carpenter, mortgage adviser and director of BB Mortgages, finalised the acquisition in October, hiring two staff members from the Clever Mortgages team.
Carpenter has also purchased the Clever Lending brand, which specialises in arranging bridging and commercial finance as well as packaging.
Neville was the chief executive of Clever Mortgages, a trading name of Financial Makeover – which is owned by Totemic Group – from 2018 to July 2024, when she quit the firm to set up Oak Mortgages, her own brokerage, in Grantham, Lincolnshire.
The Clever Mortgages website remains active, while its client base has been transferred to BB Mortgages and Oak Mortgages, where they will continue to support borrowers, specialising in arranging finance for those with credit challenges.
Four team members, along with three self-employed people and one protection broker who previously worked for Clever Mortgages, have joined Neville’s brokerage.
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Neville said: “Together, James and I decided to acquire the Clever Mortgages brand and leverage our combined expertise to serve clients effectively, particularly in the adverse mortgage market. BB Mortgages, with its extensive buy-to-let knowledge and four brokers, has been an ideal partner in maintaining the brand’s high standards of service.”
Expansion plans
In 2025, Neville plans to expand the field-based team, offering self-employed brokers booked appointments.
She said: “I have always been deeply passionate about the Clever Mortgages brand. Under the Totemic Group, we helped many clients transition from debt plans back to high street lenders.
“While we now primarily trade under the Oak Mortgages name, the Clever Mortgages brand remains a strong presence. Oak focuses on serving clients for all their mortgage needs and fostering long-term relationships, often through referrals from family and friends. There is sometimes a stigma attached to adverse credit, and we work hard to dispel the perception that clients can’t return to us once their financial situations improve – which is where the Oak and BB brand will come in.”
The pair have growth plans for all brands next year.
